Characteristics Of Perfect Competition Economics Essay

Characteristics Of Perfect Competition Economics Essay Monopoly is a market structure that is the only sole seller of a product and large number of buyers that have no close substitution and have a high entry and exit barrier. A monopoly markethas no other firms can enter the market and compete with it to produce some good or service. For an example that gave by Vengedasalam, D., et. al. (2008, p.229) If want to subscribe television channel services, the only one will go is Astro. But if want to use Astro services, it have various options to choose from, and this industry is not a monopoly market. 2.1 Characteristics of Monopoly: Single seller in the market: Monopoly is a price maker in the firm which has the power to control the price. In the proof of the auxiliary theorem Jackson, J. (1998, p.22.5), price maker is a seller of a commodity that is able to affect the price at which a commodity sells by changing the amount it sells. No Close Substitutes:It means customer or buyers could not find any substitute for the product. If the buyer can find out, then this product is no more in monopoly. In others way to describe, a monopoly cannot exist if there is a competition or any substitute product. Restriction of entry of new firms: In a monopoly market, there are strict barriers to the entry of new firms. Barriers to entry are natural of legal restrictions that restrict the entry of new firms into the industry. Average and Marginal Revenue Curves: Under monopoly, average revenue is greater than marginal revenue. Under monopoly, if the firm wants to increase the sale it can do so only when it reduces its price. 2.2 Types of Monopoly 2.2.1 Natural Monopolies One firm can produce at a lower cost compared to what two or more firms could produce. 2.2.2 Government- Created Monopolies Government creates monopolies to prevent firms from entering into a market. This can be done through difficulty in obtaining license to operate in the market or providing patent and copyrights to a monopoly firms. There are some legal barriers that are government franchise, government license, patent, copyright and control over raw material. 2.3 Monopolys Revenue A monopolists marginal revenue is always less than the price of its good. (According from N. Gregory Mankiw, principle of microeconomics fourth edition pg. 317), shows the example how the monopolys revenue might depend on the amount of water produced. C:UsersTOSHIBADesktop123.jpg Table 1: A monopolys Total, Average, and Marginal Revenue Table 1 shows a result that is important for understanding monopoly behavior: A monopolists marginal revenue is always less than the price of its good. For monopoly, marginal revenue is lower than price because a monopoly only faces a downward-sloping demand curve. C:UsersTOSHIBADesktop123a.jpg Figure 3: Demand and Marginal-Revenue Curves for a Monopoly The demand curve shows how the quantity affects the price of a good. The marginal-revenue curve shows how the firms revenue changes when the quantity increases by 1 unit. Marginal revenue is always less than the price because the price on all units sold must fall if the monopoly increases production 2.4 Profit Maximization In this graph shows the profit maximization for a monopoly. The point of A is the intersection of the marginal-revenue curve and the marginal-cost curve determines the profit-maximizing quantity. All this curves contain all the information we need to determine the level output that a profit-maximizing monopolist will choose. C:UsersTOSHIBADesktop123b.jpg Figure 4: Profit Maximization for a monopoly A monopoly maximizes profit by choosing the quantity at which marginal revenue equals marginal cost (point A). It then  uses the demand curve to find the price that will induce consumers to buy that quantity (point B). Thus, the monopolists profit-maximizing quantity of output is determined by the intersection of the marginal-revenue curve and the marginal-cost curve. 2.4.1 A Monopolys Profit C:UsersTOSHIBADesktopMicro Assignment diagram20130222_121054.jpg Figure 5: The monopolists Profit The area of the box BCDE equals the profit of the monopoly firm. The height of the box (BC) is price minus average total cost, which equals profit per unit old. The width of the box (DC) is the number of units sold. 3.0 Characteristics of Market Structures In a perfectly competitive market, the market structure is an interconnected feature or characteristics in which will affect the nature of competition and the price. For example, the volume and relative strength of buyers and sellers, the degree of collusion among them, level and forms of competition, the extent of product differentiation, and the ease of entry into and exit from the market. Market structures refer to the competitive environment within which a firm operates. Market structures divided into four basic types which is perfect competition, monopolistic competition, oligopoly and monopoly. 3.1 Perfect Competition Perfect competitive is defined as a market in which there are many buyers and sellers, the products of selling are homogeneous, and sellers can easily enter and exit from the market. 3.2.1 Characteristics of Perfect Competition Large number of buyers and sellers: Reynolds, R. L., (2005, p.2) points out that the idealized perfect competitive insures that no buyers and sellers has any power or ability to influence the price. The perfect competitive market is price takers. Products of selling are homogeneous: The firm must sell homogeneous product. The products are where the buyers could not differentiate the products of one seller to another seller. Easy enter and exit: From the research of Salvatore, D. (2009, p.245) demonstrated that resources or inputs are free to move among the various industries and locations within the market response to monetary incentives. So, there are no artificial barriers to entry into and exit from the industry. Perfect knowledge: Both of the sellers and buyers have perfect knowledge of the market. Sellers and buyers cannot influence with each others.Both of them must know the market price of the goods as given. Non-price competition: Microeconomics, 2008 Author: Dviga Vengedasalam, Karunagaran Madhavan, Rohana Kamaruddin point out the role of non-price competition is insignificant since many sellers sell the products at a fixed price and furthermore, the products are identical. The firms have no control over the price and their gods are identical, so there is no selling cost. 3.3 Monopoly Monopoly is single seller in which sell the product is unique. Thus, there are large number of buyers and selling the products that have no close substitution and have high barriers between entry and exit. For an example that gave by Vengedasalam, D., et. al. (2008, p.229) If want to subscribe home telephone services, the only one will go is Telekom Malaysia. 3.3.1 Characteristics of Monopoly Single seller in the market: Monopoly is a price maker in the firm which has the power to control the price. In the proof of the auxiliary theorem Jackson, J. (1998, p.22.5), price maker is a seller of a commodity that is able to affect the price at which a commodity sells by changing the amount it sells. No Close Substitutes: It means customer or buyers could not find any substitute for the product. If the buyer can find out, then this product is no more in monopoly. In others way to describe, a monopoly cannot exist if there is a competition or any substitute product. Strong barriers to the entry into the industry exist: In a monopoly market there is strong barrier on the entry of new firms. Monopolist faces no competition. The monopolist has absolute control over the production and sale of the commodity certain economic barriers are imposed on the entry. 3.4 Monopolistic Competition Microeconomics, 2008 Author: Dviga Vengedasalam, Karunagaran Madhavan, Rohana Kamaruddin points out that the Monopolistic competition is a market structure in which there are large numbers of small sellers differentiated products but these are close substitute products and have easy entry into and exit from the market. 3.4.1 Characteristics of Monopolistic Competition Large numbers of seller and buyers: It is less as compared to perfect competition. Because, monopolistic competition will produces different or unique products, so that they will have some control over the prices. Hence, each firm will follows an independent of the price output policy. Product differentiation:Each firm produces a product that is at least slightly different from those of other firms. For example, if coffee is sold in coffee pack only, then it is perfect competition. But, if the same coffee is mixed with chocolate packaged in a box and label as Choco-Coffee, then this product is in monopolistic competition. Easy entry and exit:This is freedom to entry of new firms, but it is not as easy as perfect competition because it needs to make some differentiate product enter the monopolistic competition. 3.5 Oligopoly According to the preservearticles.com, Oligopoly is often referred to as competition among the few. In brief oligopoly is a kind of imperfect market where there are a few firm in the market, producing either and homogeneous product or producing product which are close but not perfect substitutes of each other. 3.5.1 Characteristics of Oligopoly Few numbers of firms: The firms are few but the size of firms is large. In few firms will control the overall industry under oligopoly. For example of the oligopoly which is Unisem and Carsem. Homogeneous and differentiated product: The firms in an oligopolistic industry may produce standardized or differentiated products. For example, DIGI or U-mobile produced by one firm is identical to another firm. Mutual interdependence: The author further stated that oligopoly always consider in choosing price, sales target, advertising budgets and other. Price rigidity:According to the preservearticles.com, there is the existence price rigidity. Prices lend to be rigid and sticky. If any firm makes a price-cut it is immediately retaliated by the rival firms by the same practice of price-cut. There occurs a price-war in the oligopolistic condition. 3.7The Differences between the various characteristics with the four types of market structure The various characteristics between the four types of market structure which are Perfect Competition, Monopolistic Competition, Oligopoly and Monopoly have been discussed. The most important of these characteristics are differentiate in which will affect the nature of competition and the price. Therefore, table 2 shows the differentiation of the characteristics of the following market structure. Perfect Competition Monopolistic Competition Oligopoly Monopoly Barriers to entry Low Low High Very High Number of Producers Many Many Few One Types of product Standardized Differentiated Standardized or Differentiated Unique Example Fruit Vegetables 100 Plus Carsem Astro Table 2: Characteristics of market structure 4.0 Conclusion and Recommendation As my conclusion, I think that monopoly is the best in microeconomic. This is because monopoly is a form that is the sole seller of a product without close substitutes. It remains other firms cannot enter the market and complete with it.

How To Handle Information Essay

1.1 Identify legislation and codes of practice that relate to handling information in social care settings Data Protection Act 1998 – it gives rights to individuals in respect of personal data held about them. Freedom of Information Act 2000 – it gives you the right to ask any public sector organisation for all the recorded information they have on any subject. Employees Policies & Procedures – to make sure that all records that are kept in the office are put away in a locked secure cabinet or securely saved on the computer. Health and Social Care Act 2008 – it requires us to publish a code that sets out the practice we will follow in obtaining, handling, using and disclosing confidential personal information. 1.2 Explain how legal requirements and codes of practice inform practice in handling information Legal requirements give us guidance and support when it comes to storing and handling personal / confidential information about the service users. It helps us to store information correctly and safely. For example we use key safes every day and we have to make sure not to tell anyone the number combination. Worst thing you can do is to right down the number on your rota next to the service user’s name where the address is also given. 2.1 Explain how to maintain records that are up to date, complete, accurate and legible A good way of maintaining records is on a computer or in a file that can be kept confidential and kept up to date. Records should be updated each time the service user is reviewed. 2.2 Describe practices that ensure security when storing and accessing information Passwords on computers blocks unauthorised people from accessing records. Locked away in a filing cabinet with a key that only someone who is authorised to open it has the key. Not leaving notes everywhere in the office with information on them about the service users. 2.3 Describe features of manual and electronic information storage systems that help ensure security Records saved electronically can be protected by passwords. Some PC systems only allow access by authorised person signed in with their unique password. Some computers are not connected to the internet to avoid the risk of intervention. If the records are not saved electronically then these have to be locked away when not in use (lockable filing cabinets). 3.1 Explain how to support others to understand the need for secure handling of information Ensure that others understand the need for secure handling of information by completing induction training and shadowing. Make sure that they understand the importance of keeping records safe and not leaving them where anyone can read them. They have to understand what information they can share and what to report if something unusual happens to the service user. 3.2 Explain how to support others to understand and contribute to records The best way to support others is by shadowing, when a new carer spends a few days with a senior carer who has a lot of experience. The senior carer should take time explaining what to do before each visit and to ask the new carer to complete all care tasks by themselves. Of course they can ask questions and the senior carer can always stop them if they think they are not carrying out the tasks correctly. I personally do not believe in the method where the new carer is just watching the senior carer. The best way to learn is by doing it.

Anabolic Steroid Use And Anabolic Steroids - 1335 Words

Why do athletes get so hooked on this so called â€Å"Steroid† ? I’m interested in this question, because that’s the question that truly caught my attention the most and, also keeps me wondering. If people who use it have seen improvement, why do they keep using it. The anabolic steroid also known as the anabolic-androgenic steroid is a drug that athletes use to give more muscle mass to the body and create more testosterone in the body. If traced back to the 1940’s steroids first appeared in Germany. Athletes had begun to use this substance as early as 1950 at the olympic games during the Cold war. Website http://Cesar.com states, â€Å" From that point until the early 1970 s, steroids became increasingly popular among not just Olympic athletes, but also professional sports players and high school athletes (Cesar). Steroids truly have developed into something that everyone wants to get to achieve the perfect body or create a better physique. In the article â€Å"Body Image, Disordered Eating and Anabolic Steroid Use in Female Bodybuilders† by Gary S. Goldfield, he mentions how women and men often suffer from bulimia nervosa because of their eating habits. Especially bodybuilders, because of competing they have to look and be lean, so they diet harshly for their body fat levels to be low and more muscle definition to be seen. â€Å"Competitive bodybuilding is a sport that requires participants to be exceptionally lean and mesomorphic, thus participants may be vulnerable to developingShow MoreRelatedAnabolic Steroids And Steroids Use1525 Words   |  7 Pagesbeans and hype (Steroids and their). All of these words are slang for the illegal substance known more commonly as anabolic steroids and HGH (human growth hormone). The controversy surrounding anabolic steroids and HGH in sports has stormed to the forefront of the many problems that plague America today. Anabolic steroids are synthetic chemicals that mimic the effects of the male sex hormone testosterone. Some athletes seeking increased muscular strength and size abuse anabolic steroids (Ricki Lewis)Read MoreAnabolic Steroid Use in Sports Summary1493 Words   |  6 PagesAnabolic Steroid use in Sports The competitive drive to win at all cost is fierce among athletes. Winning at all cost often includes using one of many performance enhancing drugs such as anabolic steroids. Many athletes use performance enhancing drugs, like steroids, to achieve higher goals and set higher records than other drug-free successful athletes. Although athletes are performing at higher levels when using such drugs, what is the cost? Finally anabolic steroids should remain bannedRead MoreShould Anabolic Steroid Use Be Legalized?1821 Words   |  8 Pagesdebate to legalize anabolic steroid use. Since I was a young boy, I have seen several players stripped of titles, achievements, and even careers. In one scandal, Barry Bonds stripped of his home run record title for suspected steroid use. Years later, Lance Armstrong was stripped of all seven of his Tour de France titles for using anabolic steroids. While steroid use seems to be a common occurrence in the last few years, some supporters have ris en to speak in favor of having steroids legalized in theRead More Anabolic Steroid Use by Athletes Essay3169 Words   |  13 PagesBen Johnson. He tested positive for anabolic steroid use. It was later discovered that hed been using steroids for several years. He was striped of his gold medal and his world record. Carl Lewis was given the gold and the world record (Ben Johnson). In the many years since this incident, no one has come close to Ben Johnsons time. The next fastest that has ever been ran was a 9.84 by fellow Canadian Donovan Bailey in the 1996 Summer Olympics. Steroids definitely enabled Ben Johnson to reachRead MoreA Brief Use Of Androgenic Anabolic Steroids Essay1927 Words   |  8 PagesHowever, the benefit is not without risks, the most commonly known negative effects of AAS are most often an increase in sexual drive, more body hair, increasingly aggressive behavior and acne occurrences. The continuous use of androgenic-anabolic steroids holds an even more serious side effect on the user in the long run; it fastens the production of erythropoietin synthesis and stimulates bone formation as well as red cell production but inhibits bone breakdown. Thus making an individual strongerRead MoreWhy Do Athletes Use Anabolic Steroids?2261 Words   |  10 PagesMiramontez Professor Winter English 103: Critical Reasoning and Writing 7 May 2015 Why do athletes use Anabolic Steroids? An anabolic steroid is the name that is associated with the male sex hormones. Anabolic steroids promote the development of male sexual characteristics in both males and females, and also promote the growth of the skeletal muscle (drugabuse.gov). In the late 1930s, anabolic steroids were developed. The primary reason for their creation was to treat a certain condition called hypogonadismRead MoreThe Use Of Anabolic Steroids And How Athletes Are Cheating1482 Words   |  6 Pagesprevious marks. Most stick to natural remedies, but there are a select few that turn to steroid injections. Steroids have overtaken the sports world and banned many famous athletes from ever competing again. However, they believe the injections aren’t all that bad. This argument will elucidate on the advantages brought about through the use of anabolic steroids and how athletes are cheating their ways to the top. Steroids are enhancement drugs that greatly increase the body’s ability to grow muscles neededRead MoreAnabolic Steroids : Use And Performance Enhancing Drugs1516 Words   |  7 Pages The Debate over Anabolic Steroids The use of performance enhancing drugs like anabolic steroids has been a debatable topic in the United States as early as the 1950’s. Former U. S. Representative Howard Berman expresses that â€Å"Steroids can seem necessary to compete at the highest level, and the quick rewards may seem to outweigh the long term consequences to users.† The National Institute on Drug Abuse (NIDA) states that countless athletes, both young and old, face life threatening illnesses dueRead More Anabolic Steroids Use by Athletes: A Threat to Body and Mind2344 Words   |  10 PagesAnything of worth or value in life must be worked for. -- Ralph Waldo Emerson In the world of sports today, anabolic/androgenic steroid use is a vast problem. Since its’ introduction into Russian weightlifting, it has been expanding with no signs of stopping. It has spread into every major sport, with usage by every age and race. The use continues to grow, even with a lengthy list of serious health, legal, and ethical concerns. Because of our societys adoration of muscle, athletes put theirRead MoreEssay about The Use of Anabolic Steroids in Society Today1215 Words   |  5 PagesThe Use of Anabolic Steroids in Society Today The use of steroids in our society today is very common, that is with prescription. But that is not the kind of steroids I am talking about, I am talking about Anabolic Steroids. Anabolic steroids are a very sensitive issue in the world of sports today. Even though the side effects are life threatening, men and woman alike continue to submit their bodies to this illegal drug. Anabolic steroids are taken either through pills or injected directly

Speech On The Bill Of Rights - 1153 Words

On December 15, 1791, the Bill of Rights was ratified. According to, In Our Defense: The Bill of Right in Action, the First Amendment stated that â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press† (Alderman and Kennedy, pg.21). Because of the First Amendment, hate speech, â€Å"no matter how offensive its content†, was â€Å"protected† under the laws (ACLZ). However, people are still demanding more. They want hate-related speech to be allowed on campuses –without knowing the effects and the damage it could do. Hate speech could bring people down, lower their confidences and their school performance, and in some case, school avoidance. The audiences of offensive speech on campuses are students. At these ages, their brains are still developing and are very sensitive. Hate speech could affect the way they think for their entire life, and in th e worst case, it could result in violence. Hate speech should not be protected on college campuses. Parents, teachers, and many students themselves, believe that bullying and cyber bullying should not be allowed on campus (or anywhere else in the world), yet they think that hate speech is, however, an acceptable thing on campuses. How does this society think that speech that carries offensive messages and could change the way one thinks about his or her self negatively shouldn’t be defined as bullying? Not only on campus but everyoneShow MoreRelatedThe Freedom Of Speech By The Bill Of Rights1569 Words   |  7 PagesThe bill of rights was created to give people the fundamentally important individual freedoms that no law could limit or take away. The quote from In Our Defense Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press greater emphasis how vital it was to make freedom of speech the main priority for the people of this nation. However, many of the stuff the pe ople express when using this rightRead MoreFreedom Of Speech : Bill Of Rights851 Words   |  4 Pages One can read in the Bill of Rights in the First Amendment the following: â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble and to petition the government for a redress of grievances† (Bill of Rights - Bill of Rights Institute. Bill of Rights Institute). How do these â€Å"Clauses† protect us within the First Amendment? Do we really have â€Å"freedomRead MoreFreedom Of Speech By The Bill Of Rights Essay1340 Words   |  6 Pagestopic that many protested for was, freedom of speech. After many years of wanting to be heard, Americans finally achieved the assurance of having a voice. The Bill of Rights was passed on December 15, 1791; commencing with the First Amendment. The First Amendments defends free dom of speech, press, religion, assembly and petition. Stated in the U.S. Constitution, the First Amendment declares Congress shall make no law†¦ abridging the freedom of speech.† Thus, meaning that citizens cannot be imposedRead MoreThe Freedom Of Speech By The Bill Of Rights977 Words   |  4 Pagesand what the ones mainly pertaining to criminal justice actually meant. The First, Fourth, Fifth,Sixth, Eighth, and Fourteenth Amendment all provide a foundation for our criminal justice system. There are also many particular protections in The Bill of Rights. The First Amendment has many different clauses that make it up and I would say that it is the most important out of the Amendments in regards to the criminal justice system. First of all, the Establishment Clause ensures the individuals fromRead MoreFreedom Of Speech : Speech1105 Words   |  5 Pages Freedom of Speech Freedom of Speech, part of the First Amendment, is a privileged right that should not be taken lightly. The Milo Bill is said to protect students’ right to their freedom of speech on school grounds. It was introduced at Tennessee’s State House and is named after Milo Yiannopoulos, a British public speaker who made a career out of â€Å"trolling† liberals and gained publicity for uncalled-for acts, such as racist and harassing comments on Twitter, which got him banned from the socialRead MoreThe American Civil Liberties Union1639 Words   |  7 PagesBefore the Bill of Rights, in 1787 the delegates of the thirteen states all got together in Philadelphia to write up the U.S Constitution. But this was only the first attempt at the constitution because there were flaws in it that needed to be fixed. This first constitution only relayed what the government could do and not what it couldn’t do. This was a problem because people in the government could do anyth ing because there was no say in what they were not allowed to do. Another flaw was that thisRead MoreI Had A Dream Speech By Martin Luther King Jr.1684 Words   |  7 Pages On August 28 of 1963, In Washington DC, near the Lincoln memorial, history was changed. On that very day, the most known social activist of that day, Martin Luther King Jr. delivered his â€Å"I had a dream speech† In the duration of five minutes, he made history and changed society’s view upon those with a darker skin tone. On that day he changed many opinions and views, in the matter of five minutes. He proved that we, the American people have the power to change a nation through our wordsRead MoreThe Importance Of The Bill Of Rights1331 Words   |  6 Pages1791, the Bill of Rights was ratified by three-fourths of the states and was therefore added to the Constitution, becoming law. Out of the ten amendments in the Bill of Rights, the section regarding freedom of expression within the first amendment and ninth amendment protect a large portion of the freedom enjoyed by the citizens of the United States. These amendments are different in what they protect: the First Amendment regarding free speech provides protection for a single, identified right, whereasRead MoreStop Online Piracy Act ( Sopa ) - Why Did It Fail?975 Words   |  4 Pageswas a bill proposed in the House of Representatives that aimed to tackle the growing problem of online piracy and copyright infringement. It targets foreign-based websites that contain any form of unauthorized copyright-infringing material such as movies or music by giving content-creators the right to stop any US businesses from providing payment services, advertising, or even dealing with prosecuted websites; essentially blacklisting and hiding these websites to any US visitors. The bill is splitRead MoreThe English Bill of Rights: The Role Change for the Monarchy Essay836 Words   |  4 Pagesto limit the power of the crown. For this, they created The Deceleration of Rights, later known as the Bill of Rights. The English Bill of Rights changed the lives of the people of England and changed the role of citizens in Monarchy. The English Bill of Rights changed the role of citizens in Monarchy by assuring that citizens may petition the King without receiving any punishments, allowing them have the freedom of speech and by assuring that they will not be charged with any odd punishment or a